Sherlok repricing process, a detailed look at what happens.
Sherlok repricing
process, a look at what happens..
Each week, Sherlok queues your highest retention risk
loans for you to approve for repricing. This is based on our AI technology that
predicts client churn. Click here to read more on our A.I. Nothing will happen to these loans until you approve them to be repriced by clicking the tick (✓).
When you approve a loan for repricing, Sherlok will automatically do the following:
1. A pop-up will appear prompting you to select the method of data collection you want Sherlok to use. If Sherlok is missing any data that is critical for the reprice, we will ask you for this info in the pop-up window. This might be your BDM's name or email address if that lender requires this to reprice the loan. You will only be required to provide this once as Sherlok will save it to your profile against that lender for future reprices.
2. Once Sherlok has collected the necessary loan data, it will automatically process the reprice via that lenders process.
3. When the lender responds to the repricing, Sherlok will asses if the rate is competitive and escalate the reprice if our engine thinks we can get a cheaper rate. Reprices will only be escalated once, and the reprice outcome will be delivered to your "Lender Response" tab so you can choose the emails to send to your clients. You can choose whether to include refinance comparisons or exclude them.
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